Simpson Thacher is representing Portfolio Advisors in connection with its definitive agreement to merge with FS Investments for an undisclosed amount. The transaction is expected to close in the first half of 2023, subject to applicable regulatory approvals and other customary closing conditions.~~Portfolio Advisors is a global middle-market private asset specialist with more than $38 billion in assets under management. FS Investments is a pioneer in the democratization of alternative investments with more than $35 billion in assets under management.~~The Simpson Thacher team includes Ryan Williams, Elizabeth Cooper, Drew Harmon, Irina Nica, Chan Ho Park, Jacob Kornman and Eduard Popov (M&A); Olga Gutman, Steven Homan and Mia Pisk (Funds); Ryan Brizek and Jaime Dinan (Registered Funds); Marcy Geller, Andrew Purcell, Jacqueline Clinton and Lina Pan (Tax); Jamin Koslowe and Charles Pfeifer (ECEB); Tom Howland (Credit); Richard Jamgochian, Kelly Karapetyan and James Goldfeier (Antitrust); and Lori Lesser, Bobbie Burrows and Mark Natividad (IP).